As Prime Minister Narendra Modi and President Xi Jinping began their two-day summit, an official status report in Wuhan on India-China relations said a closer economic relationship is now part of bilateral ties.
Economic ties between China and India have become closer in recent years, the report by state-run Xinhua news agency said.
The two economies are highly complementary and have good potential for increased cooperation, it said.
The report pointed out that bilateral trade reached a record high of $84.4 billion last year, up 20.3% from 2016, the fastest growth for five years.
It said China has become the largest trading partner of India, with imports rising by more than 40% in 2017. Bilateral trade in Q1 hit $22.1 billion, up 15.4% year-on-year.
Chinese and Indian businesses signed 101 trade agreements in March, with a total contract value of $2.4 billion, it said.
The report said Chinese investment in India added up to more than $8 billion by the end of 2017, with India an important destination for infrastructure cooperation and investment.
Indian investment in China has grown by an average of 18.5% during the past three years, it said adding, Chinese smartphone brands are popular in India. It said Xiaomi has a market share of 27% and shipped nearly 8.2 million units in Q4 of 2017.
{{/usCountry}}Indian investment in China has grown by an average of 18.5% during the past three years, it said adding, Chinese smartphone brands are popular in India. It said Xiaomi has a market share of 27% and shipped nearly 8.2 million units in Q4 of 2017.
{{/usCountry}}The report said China and India are home to over 35% of the world’s population and contribute about 20% of global GDP.